MIRA
INFORM REPORT
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Report Date : |
07.11.2012 |
IDENTIFICATION DETAILS
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Name : |
CACHE ARTESANO SL |
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Registered Office : |
Avenida Antonio Belon (Ed Milenium), 1 - Esc 1 8 D 29602 Marbella Málaga |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
28.10.1997 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Leather Industry: Travel Accesories |
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No. of Employees : |
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RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Spain |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SPAIN - ECONOMIC OVERVIEW
spain's mixed capitalist economy
is the 13th largest in the world, and its per capita income roughly matches
that of Germany and France. However, after almost 15 years of above average GDP
growth, the Spanish economy began to slow in late 2007 and entered into a
recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending
a 16-year growth trend, and by another 0.1% in 2010, before turning positive in
2011, making Spain the last major economy to emerge from the global recession.
The reversal in Spain''s economic growth reflected a significant decline in
construction amid an oversupply of housing and falling consumer spending, while
exports actually have begun to grow. Government efforts to boost the economy
through stimulus spending, extended unemployment benefits, and loan guarantees
did not prevent a sharp rise in the unemployment rate, which rose from a low of
about 8% in 2007 to over 20% in 2011. The government budget deficit worsened
from 3.8% of GDP in 2008 to 9.2% of GDP in 2010, more than three times the euro-zone
limit. Madrid cut the deficit to 8.5% of GDP in 2011, a larger deficit than the
6% target negotiated between Spain and the EU. Spain''s large budget deficit
and poor economic growth prospects have made it vulnerable to financial
contagion from other highly-indebted euro zone members despite the
government''s efforts to cut spending, privatize industries, and boost
competitiveness through labor market reforms. Spanish banks'' high exposure to
the collapsed domestic construction and real estate market also poses a
continued risk for the sector. The government oversaw a restructuring of the
savings bank sector in 2010, and provided some $15 billion in capital to
various institutions. Investors remain concerned that Madrid may need to bail
out more troubled banks. The Bank of Spain, however, is seeking to boost
confidence in the financial sector by pressuring banks to come clean about
their losses and consolidate into stronger groups.
Source : CIA
Company name
CIF/NIF: B11417946
Company situation: Active
EXECUTIVE SUMMARY
Identification
Current Business Name: CACHE ARTESANO SL
Other names: NO
Current Address: AVENIDA ANTONIO BELON (ED
MILENIUM), 1 - ESC 1 8 D
Branches: 1
Telephone number: 956468260 Fax: 956463475
Corporate e-mail: administracion@cacheartesanos.es
Trade Risk
Credit appraisal: Caution suggested
Incidents: NO
EXPERIAN BUREAU EMPRESARIAL Bank and Multi - sectorial Defaults of
Payment: NO
Financial Information
Balance sheet latest sales (2011): 3.687.026,29 €
(Mercantile Register)
Result: 64.026,74 €
Total Assets: 2.157.048,78 €
Share capital: 3.006,00 €
Employees: 12
Listed on a Stock Exchange: NO
Commercial Information
Incorporation date: 28/10/1997
Activity: Leather industry: travel accesories
NACE 2009 CODE: 1512
International Operations: Imports and
Exports
Corporate Structure
Sole Administrator:
Other Complementary Information
Latest act published in BORME: 22/08/2011 Annual Filed Accounts
Bank Entities: There are
TRADE RISK
Financial situation
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Exercise:2011 |
Evolution |
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Treasury |
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Very degraded |
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Indebtedness |
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Average |
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Profitability |
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Average |
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Balance |
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Very Degraded |
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Performance
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Incidents |
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None or Negligible |
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Business
Trajectory |
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With exceptions |
Rating Explanation
Financial situation
•
The company’s financial situation is unfavourable.
•
The company’s financial situation evolution has
been positive.
•
The sales evolution has been negative
not the results one, which has been positive.
Company Structure
•
The company’s capitalization degree determines that
its structure is normal.
•
The company’s size is small depending on
its sales volume.
•
The employees evolution has been positive.
Performance and Incidences
•
The available information indicates that the
company does not have payment incidences.
•
He have detected no recent legal actions or claims
from the Administration against this company.
Accounts Filing
•
The company files regularly its accounts.
Reasons of the last outstanding calculation in the note
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DATE |
CHANGE |
RESULTING NOTE |
EVENT |
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24/08/2012 |
Increase |
6 |
•
New financial statements have been uploaded. |
Summary
LEGAL ACTIONS: No legal actions registered
ADMINISTRATIVE CLAIMS: No administrative claims registered
AFFECTED BY: No significant element.
FINANCIAL ELEMENTS AND SECTORIAL COMPARATIVE
FINANCIAL ELEMENTS
Figures given in €
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31/12/2011 (12) |
% ASSETS |
31/12/2010 (12) |
% ASSETS |
31/12/2009 (12) |
% ASSETS |
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ASSETS |
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A) NON CURRENT ASSETS |
1.066.849,35 |
49,46 |
1.092.483,93 |
61,37 |
894.692,64 |
54,03 |
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B) CURRENT ASSETS |
1.090.199,43 |
50,54 |
687.738,43 |
38,63 |
761.180,81 |
45,97 |
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LIABILITIES |
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A) NET WORTH |
484.838,97 |
22,48 |
420.812,23 |
23,64 |
394.272,91 |
23,81 |
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B) NON CURRENT LIABILITIES |
22.947,37 |
1,06 |
34.034,39 |
1,91 |
44.935,40 |
2,71 |
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C) CURRENT LIABILITIES |
1.649.262,44 |
76,46 |
1.325.375,74 |
74,45 |
1.216.665,14 |
73,48 |
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Balance Sheet Comments
Total assets of the company grew in 21,17%
between 2.010 and 2.011.
In spite of the assets’ growth, non current assets decreased 2,35%.
This growth has been mainly financed with a debt increase
of 23,01%. Nevertheless Net Worth grew 15,22%.
Total assets of the company grew in 7,51%
between 2.009 and 2.010.
This growth is a consequence of non current assets increase
in 22,11%.
This growth has been mainly financed with a debt increase
of 7,75%. Nevertheless Net Worth grew 6,73%.
Profit and loss account analysis
Figures given in €
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31/12/2011 (12) |
% NET TURNOVER |
31/12/2010 (12) |
% NET TURNOVER |
31/12/2009 (12) |
% NET TURNOVER |
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SALES |
3.687.026,29 |
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4.167.641,02 |
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4.017.803,74 |
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GROSS MARGIN |
864.106,93 |
23,44 |
872.395,86 |
20,93 |
939.416,73 |
23,38 |
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EBITDA |
148.639,55 |
4,03 |
69.378,79 |
1,66 |
107.766,85 |
2,68 |
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EBIT |
128.118,72 |
3,47 |
46.949,72 |
1,13 |
85.658,20 |
2,13 |
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NET RESULT |
64.026,74 |
1,74 |
26.539,32 |
0,64 |
38.842,87 |
0,97 |
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EFFECTIVE TAX RATE (%) |
25,07 |
0,00 |
25,01 |
0,00 |
25,04 |
0,00 |
Profit and Loss Account Comments
The company’s sales figure decreased
in 11,53% between 2.010 and 2.011.
The company’s EBIT grew
in 172,88% between 2.010 and 2.011.
This evolution implies an increase in the company’s economic
profitability .
The result of these variations is an increase of the company’s Economic
Profitability of 82,76% in the analysed period, being equal
to 6,89% in the year 2.011.
The Net Result of the company grew
in 141,25% between 2.010 and 2.011.
The company’s Financial Profitability has been negatively affected by
the financial activities in comparison with EBITs behaviour .
The result of these variations is an increase of the company’s Economic
Profitability of 109,63% in the analysed period, being equal
to 17,62% in the year 2.011 .
The company’s sales figure grew
in 3,73% between 2.009 and 2.010.
The company’s EBIT decreased
in 45,19% between 2.009 and 2.010.
This evolution implies a reduction in the company’s economic
profitability .
The result of these variations is a decrease of the company’s Operating
Profitability of 42,09% in the analysed period, being this
profitability of 3,77% in the year 2.010.
The Net Result of the company decreased
in 31,68% between 2.009 and 2.010.
The company’s Financial Profitability has been positively affected by
the financial activities in comparison with EBITs behaviour .
The result of these variations is a reduction of the company’s economic
profitability of 36,00% in the analysed period, being equal
to 8,41% in the year 2.010 .
COMPARATIVE SECTOR ANALYSIS
Values table
Figures expressed in %
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COMPANY (2011) |
SECTOR |
DIFFERENCE |
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BALANCE SHEET ANALYSIS: % on the total
assets |
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ASSETS |
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A) NON CURRENT ASSETS |
49,46 |
30,66 |
18,80 |
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A) CURRENT ASSETS |
50,54 |
69,34 |
-18,80 |
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LIABILITIES |
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A) NET WORTH |
22,48 |
44,55 |
-22,07 |
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B) NON CURRENT LIABILITIES |
1,06 |
13,79 |
-12,73 |
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C) CURRENT LIABILITIES |
76,46 |
41,66 |
34,80 |
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COMPANY (2011) |
SECTOR |
DIFFERENCE |
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PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total
operating income |
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SALES |
100,00 |
99,45 |
0,55 |
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GROSS MARGIN |
23,44 |
38,14 |
-14,71 |
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EBITDA |
4,03 |
6,17 |
-2,14 |
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EBIT |
3,47 |
4,03 |
-0,55 |
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NET RESULT |
1,74 |
1,94 |
-0,21 |
Sector Composition
Compared sector (NACE 2009): 1512
Number of companies: 14
Size (sales figure): 2,800,000.00 - 7,000,000.00 Euros
Comments on the sectorial comparative
Compared to its sector the assets of the companies show a greater
proportion of non current assets. Specifically the difference with the sector
average is 18,80% .
In liabilities composition the company turns to on a smaller scale to
self financing, being the Net Worth proportion 22,07% inferior. As a
consequence, external financing sources are more used by the company
( 22,07% more than the sector) .
The proportion that the sales mean to the company’s total ordinary
income is 100,00% , an 0,55% higher than in the sector .
The company’s EBIT was positive and was 3,47% with regard to
the total ordinary income, 0,55% inferior to the one of the sector .
The company’s capacity to generate operating income is inferior to that
of the sector as its ratio EBIT/Sales is inferior (0,03 in comparison
with 0,04) .
The company’s net result was positive and equal to 1,74% with
regard to the total ordinary income, -0,21% inferior to the one of
the sector .
The financial results and the tax impact have had a less negative impact
on the net result of the company that in the sector .
OTHER DATA FROM THE ANNUAL FINANCIAL REPORT
Results Distribution
Source: annual financial report 2010
Figures given in €
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DISTRIBUTION BASE |
APPLICATION A |
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Profit and Loss Account Balance |
26.539,32 |
Legal Reserve |
0,00 |
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Carry over |
0,00 |
Goodwill reserve |
0,00 |
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Voluntary reserves |
0,00 |
Special reserves |
0,00 |
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Other reserves disposable at will |
0,00 |
Voluntary reserves |
26.539,32 |
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Total of Amounts to be distributed |
26.539,32 |
Dividends |
0,00 |
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Carry over and others |
0,00 |
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Compensation of previous exercises losses |
0,00 |
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Application total |
26.539,32 |
ADDRESSES
Current Legal Seat Address:
AVENIDA ANTONIO BELON (ED MILENIUM), 1 - ESC 1 8 D
29602 MARBELLA MÁLAGA
Previous Seat Address:
CALLE SAN IGNACIO LOYOLA 18
11600 UBRIQUE
CÁDIZ
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STREET |
POSTAL CODE |
TOWN |
PROVINCE |
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CALLE FERNAN CABALLERO, S/N |
11600 |
UBRIQUE |
Cádiz |
CORPORATE STRUCTURE
ADMINISTRATIVE LINKS
Governing body : 1 member (latest change:
05/02/1998)
Operative Board Members : 2 (latest change: 11/03/2011)
Main Board members, Directors and Auditor
Governing body
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POSITION |
NAME AND SURNAME |
DATE APPOINTMENT |
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SOLE ADMINISTRATOR |
CASILLAS SEVILLA, JESUS |
05/02/1998 |
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Board members remuneration
Source: Annual
financial report 2010
Board
members remuneration: 19.608,38 €
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POSITION |
NAME AND SURNAME |
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Manager |
CASILLAS SEVILLA, JESUS |
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Imports Director |
GOMEZ, TERESA |
FINANCIAL LINKS
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BUSINESS NAME |
TAX NUMBER/COUNTRY |
% |
SOURCE |
DATE REP. |
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CASILLAS SEVILLA JESUS |
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Indef. |
OWN SOURCES |
26/10/2011 |
BUSINESS INFORMATION
Incorporation date: 28/10/1997
Establishment date: 01/01/1997
Founder’s Name: LA TITULAR ES LA FUNDADORA INICIAL DEL NEGOCIO
Code: 1442100
Activity: Leather industry: travel accesories
NACE 2009 CODE: 1512
NACE 2009 Activity: Manufacture of luggage, handbags and the
like, saddlery and harness
Business: PURCHASE THE MANUFACTURE, DISTRIBUTION sale, import and export of all kinds of leather goods or their substitutes.
(Enlargement) "Section 2. - Is:
manufacture, purchase, sale, export, import and trade of bags, wallets, belts, purses, cases,
suitcases, bags and other similar articles MARROQUINER
Latest employees figure: 12 (2011)
% of fixed employees: 58,33%
% of temporary employees: 41,67%
% of men: 100,00%
Employees evolution
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Source: Annual financial report 2010
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CATEGORY |
AVERAGE NUMBER OF EMPLOYEES |
MEN |
WOMEN |
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Other managers |
1 |
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Support intellectuals and scientists, technicians and professionals |
2 |
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Administrative employees |
1 |
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Other qualified employees |
3 |
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Non qualified employees |
3 |
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Distribution by sexes |
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6 |
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PURCHASES
National Distribution: 100%
SALES
National Distribution: 50%
SUPPLIERS
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BUSINESS NAME |
INTERNATIONAL |
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CURTIDOS FARRES Y COMPANIA SA |
NO |
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ENTITY |
BRANCH |
ADDRESS |
TOWN OR CITY |
PROVINCE |
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BANCO ESPAÑOL DE CREDITO, S.A. |
4086 |
PZ DE COLON 5 APDO. 11 |
UBRIQUE |
Cádiz |
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UNICAJA BANCO, S.A. |
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UBRIQUE |
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BANCO SANTANDER, S.A. |
0139 |
CL CORREDERA 53 |
ARCOS DE LA FRONTERA |
Cádiz |
LEGAL STRUCTURE
Constitution Data
Register Date: 28/10/1997
Register town: Cádiz
Announcement number: 38787
Share capital: 3.005,06 €
Legal form: Limited Liability Company
Share capital: 3.006,00 €
Obligation to fill in Financial Statements: YES
Chamber census: YES (2010)
B.O.R.M.E. (OFFICIAL GAZETTE OF THE MERCANTILE REGISTER)
Acts on activity: 1 (Last: 29/04/2008)
Acts on administrators: 1 (Last: 05/02/1998)
Acts on capital: 1 (Last: 20/11/2008)
Acts on creation: 1 (Last: 05/02/1998)
Acts on filed accounts: 13 (Last: 22/08/2011, first:
17/09/1999)
Acts on identification: 1 (Last: 23/01/2009)
Acts on Information: 1 (Last: 23/01/2009)
Latest acts in B.O.R.M.E.
Other acts
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ACT |
DATE |
NOTICE NUM. |
MERCANTILE REGISTER |
|
Annual Filed Accounts (2010) |
22/08/2011 |
327708 |
Málaga |
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Annual Filed Accounts (2009) |
16/08/2010 |
321559 |
Málaga |
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Annual Filed Accounts (2008) |
13/08/2009 |
209859 |
Málaga |
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Change of registered address |
23/01/2009 |
38457 |
Málaga |
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Modification of the Articles of Association |
23/01/2009 |
38457 |
Málaga |
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Capital enlargement (IA) |
20/11/2008 |
531672 |
Cádiz |
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Annual Filed Accounts (2007) |
12/09/2008 |
507532 |
Cádiz |
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Registered activity enlargement |
29/04/2008 |
221236 |
Cádiz |
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Annual Filed Accounts (2006) |
08/08/2007 |
258944 |
Cádiz |
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Annual Filed Accounts (2005) |
16/08/2006 |
220717 |
Cádiz |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.59 |
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|
1 |
Rs.87.31 |
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Euro |
1 |
Rs.69.86 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.